Payment Institutions

A ‘payment institution’ is defined in the Payment Services Directive ('Directive') as a legal person (i.e. must be incorporated - sole traders cannot be authorised) that has been granted authorisation in accordance with Regulation 18 of the European Communities (Payment Services) Regulation 2009 ('Regulations') to provide and execute payment services throughout the European Community. 

The Directive was transposed by S.I. No. 383 of 2009 European Communities (Payment Services) Regulations 2009 which became effective in Ireland on 1 November 2009.  The Central Bank of Ireland ('Central Bank') is the competent authority for the purpose of implementation of the Directive. 

Payment institutions must obtain authorisation from the Central Bank in order to provide payment services. The provisions of the Regulations will apply to persons providing ‘payment services’.  

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